Yes Bank Q3 net profit increases 4.5x to 231 cr

MUMBAI: Yes Bank has reported a net profit of Rs 231 crore, an increase of four-and-a-half times the Rs 52 crore in the corresponding quarter last year.
The increase in profit despite lower operating profits was because of a sharp drop in provisions to Rs 555 crore in Q3FY24 from Rs 845 crore in the third quarter last year.
Operating profits at Rs 864 crore were 5.4% lower as net interest income grew by only 2.3% year on year to Rs 2,017 crore, while non-interest income rose 12% to Rs 1,195 crore. Operating expenses were up 10% at Rs 2,347 crore.
On Monday, the Supreme Court will hear a petition against a stayed Bombay high court order which set aside Yes Bank’s decision to write down Additional Tier 1 bonds of Rs 8,415 crore. The write-down was part of Yes Bank’s government notified reconstitution plan in 2000.
“We had a reasonably good quarter. Our deposit growth, excluding certificates of deposits, was 15% year on year, which was higher than the advances growth of 13.6%,” said Prashant Kumar, MD and CEO,Yes Bank.
He said that the bank added nearly four lakh new current and savings accounts and 96% of savings accounts were opened digitally. The bank added 14 new branches in the last quarter, taking the total branch expansion to 50 during the current fiscal.

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